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BANK OF CHINA, Reported by National Audit Office for RMB2.37B Tax Evasion, Says It Sincerely Accepts Oversight
2026-06-25 10:54:30 China's National Audit Office recently released the "Audit Work Report of the State Council on the Execution of the Central Budget and Other Fiscal Revenues and Expenditures for 2025", which disclosed tax-related violations involving BANK OF CHINA (03988.HK) in the section on financial risks under major risk audits. The report pointed out that, between April 2023 and August 2025, BANK OF CHINA arranged two subordinate financial institutions to act as business channels. By having a large number of its employees contribute between RMB1 and RMB100 each to "make up the numbers", the bank packaged 11 private equity funds into public mutual fund products, taking advantage of the income tax exemption policy for public funds to evade a total of RMB2.367 billion in taxes. BANK OF CHINA said that it sincerely accepts audit supervision, attaches great importance to the issues identified, thoroughly analyzes the causes, and will implement immediate rectification measures with detailed and concrete actions to advance corrective work, Chinese media reported, citing a response from the bank. The bank added that it will further implement the decisions and deployments of the central authorities, fulfill audit rectification requirements, continuously enhance its risk management standards and compliance capabilities, and serve the development of a multi-tier capital market and the high-quality growth of the real economy. ~ AASTOCKS Financial News Website: www.aastocks.com | |